Stephen F. Austin State University employs Merrill Lynch as its outside investment consultant. Merrill Lynch is given the authority and discretion by the University to select fund managers to invest University funds. Those managers are also given discretion to make investment decisions on behalf of the University.

Merrill Lynch was selected by the Stephen F. Austin State University Board of Regents through a competitive bid process to manage the investment assets of the University. Merrill Lynch manages and oversees the operating, endowment, and quasi-endowment funds of Stephen F. Austin State University. Management of investment assets began in January 2002.

Merrill Lynch has been instructed to and abides by Chapter 2256 of the Texas Government Code, Public Funds Investment, and respective University Investment Policies. Merrill Lynch and the respective fund managers it hires to manage Stephen F. Austin State University funds are not paid through soft dollar arrangements. The managers are paid directly, based on the assets they manage.

The respective funds, managers, and firm information are listed below: